This book is important for so many reasons, but the most important point of the book is that fundamentally, business in general is changing. Economics, supply and demand, manufacturing, education, fashion, government, finance, all of it is changing and unless you understand these changes and adopt a newer way of thinking, you will be in for a rude awakening when you realize everything you learned in Econ 101 no longer applies.
From Jeff’s Book:
“Many industries built their value on scarcity. Airlines, Broadway theaters, and universities had only so many seats, which meant they could charge what they wanted for them. They were scarce and thus more valuable. Newspapers owned the only printing press in town and you didn’t, so they could charge you a fortune to reach their audience. Shelf space in grocery stores was limited, so manufacturers paid for the privilege of selling their boxes there. Television networks had finite number of minutes in the day with only so many eyeballs watching, so advertisers competed to buy their commercial time. Scarcity was about control: Those who controlled a scarce resource could set the price for it.
Not anymore. Want to sell your product to a targeted market? You don’t need to fight for a spot on the shelf in 1,00 stores; you can now sell to anyone in the world online. Looking for a dress everyone else doesn’t have when everyone else shops in the same mall? Today you can find no end of choice only a click and a UPS delivery away. Don’t want to buy The New York Times on the newsstand or pay for access to WSJ.com for news on your industry? There are countless sources of the same information. Even if The Journal reports a scoop behind its pay wall, once that knowledge is out – quoted, linked, blogged, aggregated, remixed, and emailed all over – it’s no longer exclusive and rare. It’s no longer possible to maintain that scarcity of information.”
Well done Jeff. Well done.
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